The Finnish state raises approximately 1,123 million euros from TeliaSonera sale

Ministry of Transport and Communications
Publication date 8.12.2004 0.00
Press release
The Finnish State (the "State") has today sold a total of 250 million shares in TeliaSonera for total gross proceeds of approximately 1,123 million euros before fees and commissions. The State's ownership interest in TeliaSonera subsequent to the sale will amount to approximately 13.8 per cent. Morgan Stanley & Co. International Limited acted as the sole bookrunner and lead manager of the Offering and Enskilda Securities acted as the co-lead manager.

The shares were sold to international and Nordic institutional investors through an accelerated bookbuilt offering pursuant to Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), outside the United States and pursuant to Rule 144A under the Securities Act in the United States. This manner of sale corresponds to the normal market practice. The price and the final number of shares sold were determined upon completion of the bookbuilding.

As part of the secondary offering of 250 million shares in TeliaSonera AB, the State has agreed not to sell any additional ordinary shares in TeliaSonera for a period of 180 days without the prior consent of Morgan Stanley & Co. International Limited.

The State invested 530 million euros in the rights issue of Sonera Corporation in 2001. In TeliaSonera shares, this investment would represent the value of approximately 1,340 million euros at the price level used in today's sale.

The State has raised a total of 7.7 billion euros from sales of shares in TeliaSonera and previously in Sonera Corporation.

For more information: Mr. Samuli Haapasalo, tel. +358 40 548 3476öistä.pdf

The information contained herein is not for release, publication or distribution, directly or indirectly, in or into the United States of America. The material set forth herein is for informational purposes only and is not intended, and should not be construed, as an offer of securities for sale into the United States. The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or the laws of any state, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state laws. There is no intention to register any portion of the Offering in the United States or to conduct a public offering of securities in the United States.

The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities law of any such jurisdiction.

This announcement is directed only at persons who (i) are outside the United Kingdom or (ii) are in the United Kingdom and either have professional experience in matters relating to investments or are high net worth companies, unincorporated associations etc for the purposes of Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (all such persons together being referred to as "relevant persons"). This announcement must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons. Stabilisation/FSA.